Fun

Avail closes $27M seed round led by Founders Fund, Dragonfly

News Feed - 2024-02-26 11:02:00

Zoltan Vardai10 hours agoAvail closes $27M seed round led by Founders Fund, DragonflyAvail aims to use the funds to solve the fragmentation issues of the Web3 industry.4400 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAvail — a Web3 data availability and consensus layer — has closed a $27 million seed funding round led by Founders Fund and Dragonfly.


The $27 million seed round included other notable venture capital firms, including SevenX, Figment, Nomad Capital and other angel investors, according to a Feb. 26 press release shared with Cointelegraph.


The funds will be deployed to help accelerate the unification of Web3 by bolstering the developments of the firm’s three core products, also known as the “Avail Trinity:” the data availability layer, the nexus unification layer and the fusion security layer.


Avail’s modular blockchain infrastructure could lead to more Web3 ecosystem interoperability, according to Joey Krug, partner at Founders Fund. He wrote:“[Avail’s] stellar team, tech stack, and emerging ecosystem are enabling a more modular design space for projects to build on their infra. By decoupling the different layers of the blockchain, Avail unlocks orders of magnitude scalability improvements and helps solve the current fragmentation issues in the space.”


According to Anurag Arjun, the co-founder of Avail, similar Web3 unification frameworks will become increasingly important as blockchain scaling becomes more reliant on layer-2 rollups. Arjun wrote:“Rollup tooling will mature to such an extent that it will be as easy to deploy an app-specific rollup as it is to deploy a smart contract today. In this world of 10s and 1,000s of chains, they will need to talk to each other seamlessly, otherwise this will lead to a huge user experience (UX) fragmentation issue.”


The total value locked (TVL) in L2 rollups is $24.93 billion at the time of writing, up 8.76% over the past week. Arbitrum One is the largest protocol, accounting for over 50% of the value locked in rollups, with a $12.98 billion TVL, according to L2Beat.Largest L2 rollups by TVL. Source: L2Beat


Avail was launched by Polygon Labs in 2021 but was later spun off as a separate project. In July 2023, Avail released a testnet bridge to Ethereum to enable the creation of validiums, which are low-cost layer 2s that don’t store full transaction data on the main network. Avail is led by Arjun and former Polygon research lead Prabal Banerjee.


Related: Crypto’s next leap: Ether ETFs through Keyrock’s kaleidoscope# Blockchain# Ethereum# Press Release# Scalability# Web3# Layer2# zk-RollupAdd reactionAdd reactionRead moreThe Dencun Upgrade is not enough to scale EthereumPrice analysis 2/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE4 reasons why Ethereum is finally topping out versus Bitcoin

News Feed

Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be
B․Duck Enters Web3 With GigaSpace Metaverse Partnership
B․Duck Enters Web3 With GigaSpace Metaverse Partnership press release PRESS RELEASE.B.Duck, a global character IP, is entering Web3 with its first metaverse partnership with GigaS
Derek Andersen8 hours agoMoody’s unveils service that uses AI to predict stablecoin depeggingsMoody’s Analytics will use machine learning and a host of indicators to compile and analyze large-cap stablecoins and iden
Bitcoin risks ‘sharp weekend price swings’ as ETFs suck up liquidity
Jesse Coghlan3 hours agoBitcoin risks ‘sharp weekend price swings’ as ETFs suck up liquidityBitcoin trading volume and liquidity are concentrated on weekdays due in part to ETFs and could cause more wild price swings
Worldcoin denies insider trading and price manipulation allegations
Ezra Reguerra14 hours agoWorldcoin denies insider trading and price manipulation allegationsA Worldcoin spokesperson told Cointelegraph that people covered by their policies are prohibited from disclosing confidential in
Tokenized movement will be worth trillions — Sweat Economy co-founder
Jonathan DeYoung11 hours agoTokenized movement will be worth trillions — Sweat Economy co-founderOleg Fomenko of Sweat Economy and Sweatcoin predicts that tokenized physical activity will be worth trillions of dollars,
Crypto exchange Gemini to close all customer accounts in Canada
Tom Mitchelhill1 hour agoCrypto exchange Gemini to close all customer accounts in CanadaGemini has told its Canadian users they have 90 days to withdraw their funds before it closes all accounts by the end of this year.
Tesla CEO Elon Musk Officially Terminates $44 Billion Twitter Deal — Twitter Threatens Lawsuit
Tesla CEO Elon Musk Officially Terminates $44 Billion Twitter Deal — Twitter Threatens Lawsuit Tesla CEO Elon Musk has formally informed Twitter that he is terminating his $44 bi
Colombia to Use Ripple Ledger to Issue Land Registry Certificates
Colombia to Use Ripple Ledger to Issue Land Registry Certificates The government of Colombia announced a new system that will allow it to use the Ripple Ledger to store and authent
WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later
WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later The World Economic Forum (WEF) has published an article predicting how metaverse tech wil
US Arrests Former Employee of Opensea NFT Marketplace in ‘First-Ever Digital Asset Insider Trading Scheme’
US Arrests Former Employee of Opensea NFT Marketplace in "First-Ever Digital Asset Insider Trading Scheme" The U.S. Department of Justice (DOJ) has indicted an employee of non-fung
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens Bitcoin dropped to a two-week low on Feb. 9, with prices falling below the $23,000 mark